State Bank of India or SBI, country's largest lender, revised its fixed deposit (FD) interest rates across all maturities with effect from August 1. The latest rates are applicable across various tenors for domestic term deposits or fixed deposits (FDs). On fixed deposits of below Rs 2 crore, SBI has lowered its interest rates by 20 basis points or 0.2 per cent. On FDs of Rs 2 crore and above, SBI has reduced interest rates by 35 basis points or 0.35 per cent. The bank now offers an interest rate of 5 per cent to general public and 5.5 per cent to senior citizens on fixed deposits of below Rs 2 crore for a tenor of 7-45 days.
Here are revised SBI's fixed deposit (FD) interest rates for FDs below Rs 2 crore, effective from August 1:
|Tenors||Interest rates for general public||Interest rates for senior citizens|
|7 days to 45 days||5%||5.50%|
|46 days to 179 days||5.75%||6.25%|
|180 days to 210 days||6.25%||6.75%|
|211 days to less than 1 year||6.25%||6.75%|
|1 year to less than 2 year||6.80%||7.30%|
|2 years to less than 3 years||6.70%||7.20%|
|3 years to less than 5 years||6.60%||7.10%|
|5 years and up to 10 years||6.50%||7%|
(As mentioned on SBI's website- sbi.co.in)
In a bank FD account, money is deposited for a stated period of time and a fixed interest rate is paid at the end of that period. The interest rates, which vary according to separate maturity baskets across different lenders, are revised from time to time. Last month, private sector lender HDFC Bank revised its fixed deposit interest rates on select maturities.
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